James, who is in the 35 percent marginal tax bracket with a 15 percent tax rate on dividends, owns 100 percent of the stock of JJ Inc. This year, JJ generates $544,000 taxable income and pays a $108,500 dividend to James. Compute his tax on the dividend under each of the following assumptions:

1. The federal tax rules currently in effect apply to the dividend payment.
2. The federal tax system has been amended to allow shareholders to gross up dividend income by the corporate tax paid with respect to the dividend and credit this tax against their individual tax.

1.compute his tax on the dividend assuming the federal tax rules currently in effect apply to the dividend payment.

2. Compute his tax on the dividend assuming the federal tax system has been amended to allow shareholders to gross up dividend income by the corporate tax paid with respect to the dividend and credit this tax against their individual tax.

In 2018, NB Inc.s federal taxable income was $292,000. Compute the required installment payments of 2019 tax in each of the following cases: (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

1. NBs 2019 taxable income is $550,000.
2. NBs 2019 taxable income is $935,000.
3. NBs 2019 taxable income is $1,362,000.

1. Total installment payment? I got for 1. 187,000

2. Total installment payment? 2. 317,900

3. Total installment payment? 3. 476,700 BUT THEY ALL ARE WRONG.